Investment Property Update - November 2024
Additional documents:
Minutes:
The Sub-Committee resolved to move into ‘Part 2’ for this item in accordance with Paragraph 3 (information relating to financial or business affairs) of Part 1 of Schedule 12A of the Local Government Act 1972.
Latest information was presented about the investment properties owned by the Council and its subsidiary company, Gryllus Property Limited. The properties concerned were:
Gryllus properties:
80-84 Station Road East, Oxted
A lease renewal had been agreed with Cook.
30-32 Week Street, Maidstone
The agreement for lease with JD Sports had completed, with handover expected in the next two weeks. Refurbishment works identified unexpected repairs, resulting in additional landlord costs. A dilapidations claim against the previous tenant was being negotiated.
Castlefield House, Reigate
The lease would expire in 2029 and Officers presented a range of options for the future of the building. Officers would keep the Sub-Committee updated.
TDC properties:
Quadrant House, Caterham Valley
Members were informed the Council had taken over the running of the co-working facility, re-named ‘The Q’, which had increased income to the Council. Terms of the lease for the new McDonalds letting were close to being finalised. Officers would present the final draft lease to Members prior to completion. The McDonalds letting would increase the occupancy rate at Quadrant House from 78% to 83%. The current proposals for the service road changes were raised pavements (Copenhagen crossings) across each end of the road with speed tables on two locations on the road itself.
Village Health Club, Caterham on the Hill and Tandridge Leisure Pool, Oxted
Officers updated Members on the current situation with the properties, including repairs.
Council Offices, Oxted
Officers explained that an existing tenant had served notice, but terms with a new tenant had been agreed.
R E S O L V E D – that the report be noted.